University of South Alabama Foundation

The USA Foundation Board of Directors met on March 6, 2008, at the Foundation office at 211 N. Conception Street, Mobile, Alabama.

•	The Board approved support of 22 new USA Foundation Fellowships. 16 Masters Level Fellowships in Environmental Toxicology, Engineering, Computer and Information Sciences and Allied Health; and 6 PhD Fellowships in Psychology. The annual contribution for those fellowships will be $246,000. The Board also approved providing $225,000 annually, for four years, in support of increases for current graduate assistantships, with Board review in the third year. Dr. Pat C. Covey, Vice President for Academic Affairs, presented this request, explaining the importance of the contribution of graduate students to the overall academic environment.
•	The Board acted to provide an additional amount of $1 Million to the Mitchell Cancer Institute, subject to the sale of the Wright Campus, thus providing a total of $4 Million, of the pledged $12-Million, to the Mitchell Cancer Institute during the 2008 fiscal year. That $4 Million distribution will increase the total contributed amount to $10 Million to the Mitchell Cancer Institute.
•	The Board welcomed two new Class II Directors, Mr. Al Johnson of Woodlands Bank and Mr. Thomas A. Zoghby of Volkert & Associates. Mr. Zoghby will serve in the alumni representative position on the Foundation Board. Re-elected to Class II Director positions, were Dr. George Lamb, Ms. Verla Ledlow, Mr. John McMillan and Mrs. Margaret Young. The Board approved the re-election of USA Foundation officers, Dr. Asa Green–President, Mr. John McMillan–Vice President, Mr. Lowell Bonds–Secretary and Mr. Steve Tondera–Treasurer.
•	Net assets of the Foundation at December 31, 2007, were $315,996,000, a decrease of approximately $2.7 Million from June 30, 2007. During the same six-month period, from June 30, 2007 to December 31, 2007, the Foundation provided $4,458,000 to the University in support of faculty, scholarships and programs. Management and general expenses were annualized at 0.75%, well below national norms.